Five Bearish Altcoins That Fell by Double Digits
BeInCrypto looks at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 9 – 16.
These digital assets have taken the crypto news and crypto market spotlight:
- Chain (XCN) price decreased by 21.83%
- Trust Wallet Token (TWT) price decreased by 21.32%
- Flow (FLOW) price decreased by 17.91%
- Dogecoin (DOGE) price decreased by 16.13%
- Filecoin (FIL) price decreased by 13.07%
XCN Leads Altcoin Losers With New All-Time Low
The XCN price has fallen underneath a descending resistance line (dashed) since Sept. 27. The downward movement accelerated on Nov. 1, creating an even steeper descending resistance line (solid). This led to a new all-time low price of $0.03 on Dec. 16.
No reversal signs are in place, suggesting that the downward movement will continue. This bearish projection would be invalidated with a breakout from the descending resistance line.
TWT Falls After Double Top
TWT is the utility token of Trust Wallet, a cryptocurrency wallet that supports various crypto assets on the Binance, Tron, and Ethereum blockchains. The digital asset has increased sharply since Nov. 9.
However, the TWT price created a double top on Nov. 14 and Dec. 14 (red icons). The double pattern is considered a bearish pattern, meaning that it leads to breakdowns most of the time. On Dec. 16, the altcoin broke down from an ascending parallel channel, confirming the bearish pattern.
If the downward movement continues, the closest support area would be at $1.65-$1.86.
Reclaiming the channel would invalidate this bearish price projection.
FLOW Price Falls To New All-Time Low
FLOW is a utility token for the Flow blockchain network. The FLOW price has decreased underneath a descending resistance line since the beginning of Aug. The line caused a rejection in Nov. (red icon), accelerating the rate of decrease and causing a breakdown below $1.22.
Similarly to XCN, there are no bullish reversal signs in place yet, since the daily RSI is decreasing and has not generated any bullish divergence.
As a result, the downward movement is likely to continue. If so, the next support level would be at $1.60, created by the 1.27 external Fib retracement of the most recent upward movement.
Conversely, breaking out from the resistance line and the $1.22 area would invalidate this bearish projection.
DOGE Completes Correction
Dogecoin is Elon Musk’s favorite cryptocurrency and one of the two best-known meme coins alongside Shiba Inu. The altcoins price has fallen below a descending resistance line since Nov. 1. More recently, the line caused a rejection on Dec. 5.
The movement between Nov. 11 – Dec. 11 resembles a completed A-B-C corrective pattern. This supports the current bearish outlook.
As a result, a drop toward the support line at $0.06 is the most likely scenario. Breaking out from the resistance line would indicate that the trend is bullish instead.
FIL Price Breaks Down Below Crucial Support
On Nov. 9, the FIL price broke down below the $5 horizontal support area. This was an important development since the area had provided support since the beginning of June.
The downward movement has been ongoing since. On Dec. 16, FIL reached a low of $3.76. The trend is considered bearish until FIL reclaims the $5 area.
If the downward movement continues, the closest support level would be at $3.60, created by the 1.61 external Fib retracement level.
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